Old North State Wealth Management LLC Acquires 3,822 Shares of Energy Transfer LP $ET

Old North State Wealth Management LLC raised its holdings in Energy Transfer LP (NYSE:ET) by 1.3% during the second quarter, HoldingsChannel reports. The firm owned 288,126 shares of the pipeline company’s stock after buying an additional 3,822 shares during the period. Energy Transfer comprises about 2.7% of Old North State Wealth Management LLC’s investment portfolio, making the stock its 8th biggest holding. Old North State Wealth Management LLC’s holdings in Energy Transfer were worth $5,224,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of ET. Ryan Investment Management Inc. acquired a new position in Energy Transfer in the 2nd quarter valued at about $31,000. Vision Financial Markets LLC acquired a new position in Energy Transfer in the 1st quarter valued at about $33,000. Stone House Investment Management LLC acquired a new position in shares of Energy Transfer in the first quarter valued at approximately $38,000. HWG Holdings LP acquired a new position in shares of Energy Transfer in the first quarter valued at approximately $38,000. Finally, N.E.W. Advisory Services LLC acquired a new position in shares of Energy Transfer in the first quarter valued at approximately $40,000. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ET shares. Wells Fargo & Company reissued an “overweight” rating and issued a $23.00 price objective (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Cowen assumed coverage on shares of Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating on the stock. TD Cowen assumed coverage on shares of Energy Transfer in a research note on Monday, July 7th. They set a “buy” rating and a $22.00 price target on the stock. Scotiabank assumed coverage on shares of Energy Transfer in a research note on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 price target on the stock. Finally, Morgan Stanley dropped their target price on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 26th. Thirteen equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.50.

Insiders Place Their Bets

In other news, Director Kelcy L. Warren bought 1,350,000 shares of the stock in a transaction on Wednesday, August 20th. The shares were bought at an average price of $17.36 per share, with a total value of $23,436,000.00. Following the completion of the acquisition, the director owned 69,178,477 shares of the company’s stock, valued at approximately $1,200,938,360.72. This trade represents a 1.99% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.28% of the company’s stock.

Energy Transfer Trading Down 0.0%

Shares of ET opened at $17.40 on Friday. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44. The firm’s 50-day moving average is $17.52 and its two-hundred day moving average is $17.60. Energy Transfer LP has a twelve month low of $14.60 and a twelve month high of $21.45. The firm has a market capitalization of $59.71 billion, a P/E ratio of 13.48, a PEG ratio of 1.03 and a beta of 0.85.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32. The business had revenue of $19.24 billion for the quarter, compared to analysts’ expectations of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The company’s revenue was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 EPS. On average, research analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 7.6%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, August 8th. Energy Transfer’s dividend payout ratio is currently 102.33%.

About Energy Transfer

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.